The newly completed Berkeley Commons, a 540,000-square-foot complex, marks a significant development in Berkeley's life science sector, yet remains vacant amidst low demand.
Despite the impressive scale and modern facilities of Berkeley Commons, its entry into the market coincides with a surplus of available life science space, notably across the Bay Area.
The vacancy rate in Berkeley's lab spaces is startlingly high, with about 58.9% of such properties currently unleased according to a recent third-quarter CBRE report.
Major players like TheLab Berkeley and Parker Hub are also struggling to fill their spaces, illustrating a broader trend of unleased properties in West Berkeley's life science sector.
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